The hydrogen storage market is predicted to register substantial growth in the coming years, which is attributed to the increasing usage of hydrogen storage tanks in the transportation sector, rising requirement for low emission fuels, and growing consumption of ammonia and methanol across the world.
As per the U.S. Department of Energy, hydrogen storage is considered as a major enabling technology for the advancements of hydrogen and fuel cell technologies in different applications, such as portable power, stationary power, and transportation. Based on form of storage, the market is divided into material-based and physical.
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Geographically, Asia-Pacific (APAC) held the largest share of the hydrogen storage marketin the past and is predicted to dominate the market in the coming years as well. North America is expected to witness the fastest growth in the near future, along with APAC.
This is due to the rising requirement for hydrogen-powered cars, which is driven by the availability of proper hydrogen filling infrastructure and strict government regulations in the U.S. The hydrogen storage market in the U.S. is expected to dominate the market in the coming years.
The rising consumption of ammonia and methanol around the world is a major driving factor of the hydrogen storage market in the U.S. and across the world. Power optimizers and micro-inverters, collectively known as module-level power electronics (MLPE), are gaining popularity.
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A key trend in the hydrogen storage market is the rising focus on research & development (R&D) for advancements in the hydrogen storage technology. In recent years, India, the U.S., and the U.K. have been increasingly focusing on R&D activities in order to ensure the development of adequate hydrogen storage for onboard light-duty vehicles, portable power applications, and material-handling equipment.